Up to $21,000 for First Time Homebuyers! Chattanooga’s New Down Payment Assistance Program Explained

In this episode of Let’s Talk Chattanooga Real Estate, Blake Watson talks with Don Oakes of Highlands Residential Mortgage about a new City of Chattanooga down payment assistance program designed to help qualified first-time homebuyers overcome one of the biggest obstacles to purchasing a home: the upfront cash needed for the down payment and closing costs.The Chattanooga program works alongside financing through the Tennessee Housing Development Agency, commonly known as THDA. Depending on the buyer’s qualifications and loan structure, the combined programs may provide enough assistance to cover most of the down payment and closing costs.Blake and Don discuss how the program works, the assistance that may be available, income and credit requirements, the $400,000 purchase-price limit, and the requirement that the property be located within Chattanooga’s city limits. They also explain that “first-time homebuyer” generally includes someone who has not owned a home during the previous three years.The conversation also covers the required homebuyer education course, home inspection, minimum buyer investment, employment history, and how deferred assistance is handled when the home is eventually sold. Don also briefly discusses THDA’s special options for qualifying first responders and teachers, along with USDA Rural Development and Georgia Dream programs for buyers considering homes outside Chattanooga.Program requirements, assistance amounts, income limits, and interest rates can change. Be sure to contact a qualified lender to confirm current terms and determine whether you are eligible.To speak with Don Oakes at Highlands Residential Mortgage, call 423-624-0448 or visit HighlandsMortgage.com.If you are ready to begin searching for a home in Chattanooga, Northwest Georgia, or the surrounding area, contact Blake Watson, a Realtor with Epique Realty at 423-315-1815 or visit AtHomeChattanooga.com. Blake is licensed in Tennessee and Georgia. You can find him on Facebook or LinkedIn as BlakeWatson, Instagram as @rocknrollblake, and YouTube @realestatebyblakeEpique Realty: 888-893-3537.